According to The Atlantic, the city that prides itself on being different has been experiencing a problem all too common of late. It used to be unique, people say, a utopia where people could get tattoos and ride their bikes everywhere and just be weird. Portland was so affordable, as the slogan went, that young people went there to retire.
Now, housing prices are skyrocketing in this city of 600,000, as more people move in and new high-rises and apartment complexes go up. Apartment rents are rising at an annualized rate of 14 percent, one of the largest increases in the country. More than half of the city’s tenants spend more than 30 percent of their income on rent. News stories abound of whole buildings raising their rent by 20 percent or by $500, or more. Evictions have skyrocketed as landlords make room for new residents with bigger salaries.
Read the full article here. We are always keeping an eye on trends and how our Portland neighborhoods are changing. We’d be interested in hearing from you and discussing how the 260,000 new residents anticipated moving to Portland will affect your home value and the neighborhood you live in.The post Can Portland Avoid Repeating San Francisco’s Mistakes? appeared first on Will Fendon Properties Team at Cascade Sotheby's International Realty.
